First auction of seized crypto in UK to be held by independent auction house

06 Jan, 2019
by Colin Hawkins
First auction of seized crypto in UK to be held by independent auction house

An auction house in the UK is set to hold the first auction of its kind in the country. Wilsons Auctions, on midday Monday is to auction off seized cryptocurrency assets, according to the Belfast Telegraph.

An independent auction house in Northern Ireland is to auction off 167.7 Monero coins via a 24 hour live auction. The Monero coins have a current exchange rate of £6,655.36 or roughly $8,400 US dollars.

Although this will be the first time that investors and bidders will have an online portal where they can view the prices of the lots live and place bids, through an independent auction house, this is however not the first auction of seized crypto. Similar auctions have been held before by government asset management offices. In one case Bavarian prosecutors auctioned seized crypto worth approximately $14 Million USD. In that sale alone there were 1,312 Bitcoins, 1,399 Bitcoin Cash, 1,312 Bitcoin Gold, and 220 Ethereum.

In another instance the US Marshals Service in October 2018, announced that the US Department of Justice was setting up to auction off $4.2 Million worth of crypto seized through various crime cases.

The auction hosting is Wilsons Auctions, and they plan on this being the first of many seized crypto auctions. This can be attributed to the auction house winning a contract with the Belgium Federal Government’s Asset Management Office, to facilitate the sale and storage of the seized crypto assets.

The auction house’s head of recovery, Aiden Larkin, spoke on how Wilsons Auctions plans on facilitating the sale of seized crypto:

"Following huge investment into our systems and infrastructure, we are able to offer government and law enforcement agencies throughout the UK, Ireland and internationally a secure solution so that the ever-increasing problem of seized cryptocurrencies can be managed by an auction company with significant experience dealing with seized assets."

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